Crown (NYSE:CCK) Updates Q3 Earnings Guidance

Crown (NYSE:CCK) issued an update on its third quarter earnings guidance on Monday morning. The company provided earnings per share guidance of $1.75-1.85 for the period, compared to the consensus earnings per share estimate of $1.79. Crown also updated its FY 2024 guidance to 6.000-6.250 EPS.

Crown Price Performance

Shares of CCK opened at $84.99 on Thursday. The company has a market cap of $10.26 billion, a price-to-earnings ratio of 24.49, a PEG ratio of 2.20 and a beta of 0.85. The company has a current ratio of 1.19, a quick ratio of 0.77 and a debt-to-equity ratio of 2.26. The company’s fifty day simple moving average is $79.16 and its 200 day simple moving average is $80.24. Crown has a 1-year low of $69.61 and a 1-year high of $96.35.

Crown (NYSE:CCK) last posted its quarterly earnings results on Monday, July 22nd. The industrial products company reported $1.81 EPS for the quarter, topping analysts’ consensus estimates of $1.59 by $0.22. Crown had a return on equity of 24.18% and a net margin of 3.68%. The business had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.06 billion. During the same quarter last year, the company posted $1.68 earnings per share. Crown’s quarterly revenue was down 2.2% on a year-over-year basis. On average, research analysts forecast that Crown will post 6.02 earnings per share for the current fiscal year.

Crown Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Thursday, June 13th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date was Thursday, June 13th. Crown’s dividend payout ratio is presently 28.82%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Morgan Stanley raised their price objective on shares of Crown from $89.00 to $92.00 and gave the stock an equal weight rating in a research report on Wednesday. Truist Financial increased their price objective on Crown from $88.00 to $95.00 and gave the stock a hold rating in a research report on Wednesday. Bank of America raised their price target on shares of Crown from $98.00 to $102.00 and gave the stock a buy rating in a research report on Wednesday. UBS Group lowered their target price on shares of Crown from $112.00 to $91.00 and set a buy rating on the stock in a report on Wednesday, July 17th. Finally, Wells Fargo & Company boosted their price target on Crown from $85.00 to $88.00 and gave the company an equal weight rating in a research note on Wednesday. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $99.21.

Insider Activity

In other Crown news, Director James H. Miller sold 9,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $82.93, for a total value of $746,370.00. Following the completion of the transaction, the director now directly owns 12,884 shares in the company, valued at approximately $1,068,470.12. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Crown news, Director James H. Miller sold 9,000 shares of the stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $82.93, for a total value of $746,370.00. Following the transaction, the director now owns 12,884 shares in the company, valued at $1,068,470.12. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Timothy J. Donahue sold 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $85.00, for a total value of $637,500.00. Following the sale, the chief executive officer now owns 608,678 shares of the company’s stock, valued at approximately $51,737,630. The disclosure for this sale can be found here. Insiders sold 54,000 shares of company stock valued at $4,575,870 over the last quarter. 0.90% of the stock is owned by company insiders.

Crown Company Profile

Crown Holdings, Inc, together with its subsidiaries, engages in the packaging business in the United States and internationally. It operates through Americas Beverage, European Beverage, Asia Pacific, and Transit Packaging segments. The company manufactures and sells recyclable aluminum beverage cans and ends, glass bottles, steel crowns, aluminum caps, non-beverage cans, and aerosol cans and closures.